By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 22 (MarketsFarm) – ICE Futures canola contracts were weaker Monday morning, seeing some follow-through selling to start the week after Thursday’s drop to fresh contract lows.
Early losses in Chicago Board of Trade soybeans and a firmer tone in the Canadian dollar contributed to the weakness in canola, according to participants.
Ongoing uncertainty over trade relations with China also weighed on values.
Statistics Canada releases its first survey-based acreage estimates of the year on Wednesday, and pre-report expectations are for a reduction in canola area on the year. However, the extent of the decline remains to be seen, with trade guesses ranging anywhere from 19.5 million to 22.4 million acres. Canadian farmers seeded 22.8 million acres of canola in 2018.
About 5,700 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric ton at 8:39 CDT:
Price Change
Canola May 446.00 dn 3.00
Jul 454.30 dn 2.90
Nov 466.30 dn 2.50
Jan 473.70 dn 1.70
